Primoris Services Co. (PRIM) to Issue Quarterly Dividend of $0.08 on April 15th

Primoris Services Co. (NASDAQ:PRIM) announced a quarterly dividend on Monday, February 24th, RTT News reports. Stockholders of record on Monday, March 31st will be paid a dividend of 0.08 per share by the construction company on Tuesday, April 15th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date of this dividend is Monday, March 31st.

Primoris Services has increased its dividend by an average of 2.7% annually over the last three years. Primoris Services has a payout ratio of 6.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Primoris Services to earn $4.05 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 7.9%.

Primoris Services Trading Up 9.7 %

Shares of PRIM stock opened at $70.54 on Wednesday. Primoris Services has a fifty-two week low of $37.00 and a fifty-two week high of $90.86. The firm has a market capitalization of $3.79 billion, a P/E ratio of 23.36 and a beta of 1.14. The stock’s fifty day moving average is $77.76 and its two-hundred day moving average is $69.72. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.

Insider Transactions at Primoris Services

In related news, Director David Lee King sold 2,000 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the sale, the director now owns 23,818 shares in the company, valued at approximately $2,000,235.64. The trade was a 7.75 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.40% of the company’s stock.

Analyst Upgrades and Downgrades

PRIM has been the subject of a number of recent research reports. UBS Group increased their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. DA Davidson reaffirmed a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday. KeyCorp initiated coverage on Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price for the company. Guggenheim began coverage on shares of Primoris Services in a report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective for the company. Finally, The Goldman Sachs Group lifted their target price on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $91.50.

About Primoris Services

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.